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Royal Bank of Scotland CEO Stephen Hester to stand down Royal Bank of Scotland CEO Stephen Hester to stand down
(35 minutes later)
Stephen Hester is to step down from his role as chief executive of Royal Bank of Scotland in December.Stephen Hester is to step down from his role as chief executive of Royal Bank of Scotland in December.
Mr Hester has been in the role since November 2008 and the search for his successor will start straight away. Mr Hester has been in the post since November 2008 and the search for his successor will start straight away.
In a statement RBS said: "The board believes an orderly succession process will give a new CEO time to prepare for the privatisation process and to lead the bank in the years that follow. In a statement, RBS said: "The board believes an orderly succession process will give a new CEO time to prepare for the privatisation process and to lead the bank in the years that follow.
"Stephen was unable to make that open-ended commitment," it said."Stephen was unable to make that open-ended commitment," it said.
Mr Hester led the large-scale restructuring of RBS following its near collapse in 2008. Mr Hester, who led the large-scale restructuring of RBS following its near collapse in 2008, will receive £1.6m in cash - equivalent to a year's salary.
He will keep his long-term investment plan, currently worth £3m. The Treasury has capped his maximum entitlement from this plan at £4.2m.
'Bruising and difficult'
RBS said it had made "huge progress in becoming a strong bank, with balance sheet and funding transformed and the business fundamentally reshaped".RBS said it had made "huge progress in becoming a strong bank, with balance sheet and funding transformed and the business fundamentally reshaped".
"[We are] now beginning to prepare for possible share sales by the UK government," it said."[We are] now beginning to prepare for possible share sales by the UK government," it said.
"Accordingly, both the board and Stephen agreed this provided a window to begin a transition of leadership.""Accordingly, both the board and Stephen agreed this provided a window to begin a transition of leadership."
Mr Hester said: "We have reduced the bank's balance sheet by nearly a trillion pounds, repaid hundreds of billions of taxpayer support, and removed the imminent threat that this bank's size and complexity posed to the UK economy. Mr Hester said: "Of course I'd like to have stayed as I feel I've been in the trenches with all of my people helping RBS to recover and privatisation would have been a fitting end to those endeavours,
"We are now in a position where the government can begin to prepare for privatising RBS. "But it has been a very bruising and difficult job so I certainly don't have to be prised away reluctantly."
"While leading that process would be the end of an incredible chapter for me, ideally for the company it should be led by someone at the beginning of their journey.
"Over the coming months I will put all my effort into completing the final recovery and continuing to build a strong customer focused culture."
RBS chairman Philip Hampton, who will oversee the hunt for Mr Hester's successor, said: "On behalf of the Board, I would like to thank Stephen for his leadership and dedication.RBS chairman Philip Hampton, who will oversee the hunt for Mr Hester's successor, said: "On behalf of the Board, I would like to thank Stephen for his leadership and dedication.
"In the midst of a major crisis, he accepted the challenge of stabilising the bank, turning it around, and putting us in a position where we can begin to plan for returning the organisation to the private sector."In the midst of a major crisis, he accepted the challenge of stabilising the bank, turning it around, and putting us in a position where we can begin to plan for returning the organisation to the private sector.
"Stephen will be leaving RBS in a vastly improved position that many would have thought impossible five years ago.""Stephen will be leaving RBS in a vastly improved position that many would have thought impossible five years ago."
When he leaves, Mr Hester will receive £1.6m, which represents 12 months pay and benefits. He will not be paid a bonus for 2013. Chancellor George Osborne praised Hester's work, saying: "Stephen Hester has made an important contribution to Britain's recovery from the financial crisis.
"Having brought RBS back from the brink, now is the time to move on from the rescue phase to focus on RBS being a UK bank that provides greater support to the British economy."